Nurix Therapeutics (NASDAQ:NRIX) Reaches New 1-Year High – Still a Buy?

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $28.04 and last traded at $27.57, with a volume of 186913 shares. The stock had previously closed at $27.00.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on NRIX shares. Truist Financial began coverage on Nurix Therapeutics in a research note on Wednesday, July 31st. They set a “buy” rating and a $36.00 price target on the stock. Jefferies Financial Group initiated coverage on shares of Nurix Therapeutics in a research note on Friday, October 11th. They set a “buy” rating and a $41.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Nurix Therapeutics from $31.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Needham & Company LLC reissued a “buy” rating and issued a $29.00 target price on shares of Nurix Therapeutics in a research report on Wednesday. Finally, Barclays boosted their price target on Nurix Therapeutics from $20.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, July 15th. One investment analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $29.40.

Nurix Therapeutics Price Performance

The stock has a 50 day moving average price of $24.22 and a 200-day moving average price of $20.50.

Nurix Therapeutics (NASDAQ:NRIX) last issued its earnings results on Friday, October 11th. The company reported ($0.67) EPS for the quarter, meeting analysts’ consensus estimates of ($0.67). The business had revenue of $12.59 million during the quarter, compared to analysts’ expectations of $13.85 million. Nurix Therapeutics had a negative net margin of 313.65% and a negative return on equity of 63.39%. Research analysts predict that Nurix Therapeutics, Inc. will post -2.84 EPS for the current fiscal year.

Insider Transactions at Nurix Therapeutics

In other Nurix Therapeutics news, insider Christine Ring sold 5,760 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $22.23, for a total value of $128,044.80. Following the completion of the sale, the insider now directly owns 24,592 shares of the company’s stock, valued at $546,680.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Nurix Therapeutics news, insider Christine Ring sold 5,760 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $22.23, for a total value of $128,044.80. Following the transaction, the insider now directly owns 24,592 shares in the company, valued at $546,680.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Houte Hans Van sold 2,368 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $24.30, for a total transaction of $57,542.40. Following the sale, the chief financial officer now owns 37,270 shares of the company’s stock, valued at $905,661. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 57,321 shares of company stock worth $1,414,409 in the last ninety days. Insiders own 9.80% of the company’s stock.

Institutional Trading of Nurix Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Driehaus Capital Management LLC acquired a new stake in Nurix Therapeutics in the 2nd quarter valued at approximately $26,778,000. Redmile Group LLC grew its stake in shares of Nurix Therapeutics by 37.7% in the first quarter. Redmile Group LLC now owns 4,483,016 shares of the company’s stock valued at $65,900,000 after buying an additional 1,226,497 shares in the last quarter. Samlyn Capital LLC purchased a new stake in shares of Nurix Therapeutics in the 2nd quarter valued at $12,177,000. Sumitomo Mitsui Trust Group Inc. purchased a new stake in Nurix Therapeutics during the third quarter worth about $12,432,000. Finally, Ikarian Capital LLC acquired a new stake in Nurix Therapeutics during the 1st quarter worth approximately $4,410,000.

About Nurix Therapeutics

Nurix Therapeutics, Inc, a clinical stage biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule and cell therapies for the treatment of cancer, inflammatory conditions, and other diseases. The company develops NX-2127, an orally bioavailable Bruton's tyrosine kinase (BTK) degrader for the treatment of relapsed or refractory B-cell malignancies; NX-5948, an orally bioavailable BTK degrader for the treatment of relapsed or refractory B-cell malignancies and autoimmune diseases; and NX-1607, an orally bioavailable Casitas B-lineage lymphoma proto-oncogene-B (CBL-B) inhibitor for immuno-oncology indications.